EXperience.
creativity.
results.
VK LEGAL - a team of qualified lawyers with extensive legal experience in drafting agreements, dealing with various legal issues related to the protection of personal data, labour law, debt recovery and other areas of law. We always strive to satisfy our clients’ expectations and raise high standards for ourselves.
6
Years of Experience
76
Successful Projects
3
international partners
Comparison of EMI and PI
4/12/21
Services
Electronic money institution (EMI)
Payment institution (PI)
Issuance and redemption of electronic money
+
-
Receiving and holding clients' funds without instructions for payment initiation
+
-
Payment services
+
+
Currency exchange services
+
+
Lending services
Necessary additional registration for consumer credit providers
Necessary additional registration for consumer credit providers
Receipt of deposits
-
-
Investment services, clearing, services related to securities emissions
-
-
License valid across the European Economic Area (EEA) allowing to provide services in any other EEA state without the need for further authorization from that country
+
+
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Main requirements for obtaining the license of EMI and PI
4/12/21
Main requirements (non-exhaustive list)
Electronic money institution (EMI)
Payment institution (PI)
Minimum share capital requirement
Not less than EUR 350 000
From EUR 20,000 to EUR 125,000, depending on the services to be provided
Managers and mandatory positions
CEO and management board (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties.
CEO and management board (MB) which must have at least 3 members. CEO and member of MB must be of good repute and possess the qualification and experience necessary to properly perform their duties.
Evaluation of the shareholders holding qualifying holdings in the applicant’s undertaking
The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires.
The Bank of Lithuania carries out evaluation on the ultimate beneficiary of the applicant based on provided information and filled in questionnaires.
Fee of the license
1 463 Eur
868 Eur
Duration of assessment of an application and attached documents
3 month-term which can be extended
3 month-term which can be extended
Last update: 14-04-2021
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Agreements
2/27/18
It should be noted that a properly prepared agreement:
Helps to maintain stable and productive relationships;
Helps to avoid litigation;
Prevents the occurrence of losses;
And helps to avoid other negative consequences.
We are preparing all types of agreements that meet your individual needs and situation:
shareholder agreements;
employment agreements;
joint venture agreements;
confidentiality agreements;
non-competition agreements;
lease agreements;
sublease agreements;
purchase-sale agreements;
provision of services agreements;
loan agreements;
security of performance of obligations (pledge, hypothec, suretyship, guarantee);
other agreements.
In addition, we are performing the legal analysis of agreements provided by the client.
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Protection of personal data
2/27/18
The European Union's General Data Protection Regulation (Regulation) is applicable as of May 25th, 2018 in all member states, including Lithuania. This Regulation establishes rules for collecting, processing, storing personal data of employees, customers or other individuals and imposes penalties for breaches of these rules. We will help you to implement the requirements of the Regulation and avoid penalties!
We are preparing and reviewing in accordance with the provisions of the Regulation:
forms of consent for companies processing the personal data of employees, customers or others individuals;
rules for the processing the personal data;
rules of usage of video surveillance cameras;
data processing agreements;
terms of use of web sites, forms of consent for processing the personal data;
and other procedures and rules that ensure that you meet all the requirements of the Regulation.
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Labor law
3/2/18
We are helping our clients to meet all the requirement of the new Labor Code and we are preparing and reviewing such documents:
labor agreements;
non-competition agreements;
procedure of usage of information and communication technologies;
procedure of the employee monitoring and controlling;
personal data protection policy and its implementing measures;
rules of work procedure;
remuneration system rules;
equal opportunities policies;
package of the documents for the election of the Working Council and work regulations of the Working Council;
and other new mandatory provisions and policies.
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